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The Role of Executive Stock Options in REIT Repurchases

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Author Info

  • Chinmoy Ghosh

    ()
    (University of Connecticut Storrs, CT 06269-1041)

  • John P. Harding

    ()
    (University of Connecticut Storrs, CT 06269-1041)

  • Ozcan Sezer

    ()
    (University of Toledo Toledo, OH 43606-3390)

  • C.F. Sirmans

    ()
    (University of Connecticut Storrs, CT 06269-1041)

Abstract

This paper examines the relationship between managerial stock option holdings and the decision to announce a repurchase of the firm’s common stock. Managerial stock option holdings should reinforce the traditional undervaluation, free cash flow, and capital structure motives for repurchases by helping to align the objectives of management and shareholders. Data from the Real Estate Investment Trust (REIT) industry during the peak period of repurchase activity (1997?999) are used to estimate a logit model of the decision to announce a repurchase program. After controlling for the standard motivations discussed in the literature, the findings reveal that managerial option holdings are positively related to the likelihood of a repurchase announcement.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol30n01/02.27_44.pdf
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Bibliographic Info

Article provided by American Real Estate Society in its journal journal of Real Estate Research.

Volume (Year): 30 (2008)
Issue (Month): 1 ()
Pages: 27-44

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Handle: RePEc:jre:issued:v:30:n:1:2008:p:27-44

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Web page: http://www.aresnet.org/

Order Information:
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Email:
Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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Cited by:
  1. Boudry, Walter I. & Kallberg, Jarl G. & Liu, Crocker H., 2013. "Investment opportunities and share repurchases," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 23-38.
  2. Rim El Houcine & Adel Boubaker, 2014. "Share Repurchasing and the Policies of Stock-Options," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(1), pages 175-187, January.
  3. Gow-Cheng Huang & Kartono Liano & Ming-Shiun Pan, 2009. "REIT Open-Market Stock Repurchases and Profitability," The Journal of Real Estate Finance and Economics, Springer, vol. 39(4), pages 439-449, November.
  4. Joseph Ooi & Seow-Eng Ong & Lin Li, 2010. "An Analysis of the Financing Decisions of REITs: The Role of Market Timing and Target Leverage," The Journal of Real Estate Finance and Economics, Springer, vol. 40(2), pages 130-160, February.

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